ibusinesslines.com November 21, 2018

Russian Federation initiates WTO dispute over U.S. steel, aluminum duties

05 July 2018, 03:07 | Kelvin Horton

President Trump's administration has reportedly drafted a bill abandoning key World Trade Organization rules

Trump admin drafted bill breaking commitment to WTO report

Major U.S. trading partners including the European Union, China and Japan voiced deep concern at the World Trade Organization (WTO) on Tuesday about possible U.S. measures imposing additional duties on imported autos and parts.

It's the acronym for the Act that's caught the attention of Twitter though. "Most countries agree that they must be changed, but nobody ever asked!"

"America has also finally turned the page on decades of unfair trade deals that sacrificed our prosperity and shipped away our companies, our jobs, and our Nation's wealth". Titled the "United States Fair and Reciprocal Tariff Act"-or, as many media outlets have been calling it, the less flattering "FART Act"-the legislation was first leaked to Axios on Sunday evening".

The bill essentially provides Trump a license to raise USA tariffs at will, without congressional consent and global rules be damned. Axios reported that "most officials involved in the bill's drafting. think the bill is unrealistic or unworkable".

"The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it's not", Walters told the publication.

Axios reports that under the bill the US would elect to abandon the "Most Favored Nation" (MFN) principle, which says countries are not allowed to set different tariff rates for different countries outside of free trade agreements.

According to Axios, Trump was briefed on the bill in May, but it hasn't yet been reviewed by key economic advisers. He says he's not "planning anything now" but if the WTO doesn't treat the United States properly, "we will be doing something".

The "United States Fair and Reciprocal Tariff Act" essentially bestows Trump (or any future president) with the power to determine any current or future tariff rates with countries-outside of the jurisdiction of the WTO.

In the document dated June 29, Moscow accused Washington of multiple violations of global trade rules, and formally asked the U.S. for "consultations" over tariffs of 25 per cent on steel and 10 per cent on aluminium.

Trump denied he is planning to withdraw the United States from the World Trade Organization.

Other News

Trending Now

Ronaldo, Portugal unable to continue great run at World Cup
Goalless series Ronaldo in the knockout stage of the world Championships reached 514 minutes. Perhaps even enough to give France fits in the quarterfinals.

Football fan detained after 'England' scrawled on statue
England was always the more purposeful side but they lacked the key final ball and needed a gift to take the lead. English media have finally got some good things to say about their football team at a World Cup.

Diego Maradona calls England win over Colombia 'monumental robbery'
A pub where a mass brawl broke out during yesterday's England match has announced it will not be showing any more World Cup games. Remarkably, they haven't scored a goal from open play in six knockout matches since 2004.

US Secretary of State Returns to North Korea for Nuclear Talks
He said North Korea is increasing its production of nuclear materials at both secret and known centers. Only global inspectors, allowed inside the facilities by mutual agreement , could do that.

Arsenal ace ready to fire Gunners to Premier League glory
Numerous lesser talents or converted midfielders have attempted to fill the role but with little sustained success. Speaking to Teledoce , Lucas' father said, "There will be people that will accompany him".

Ensure no fake messages are spread via your platform: Government warns WhatsApp
The official said that the "responsibility is beyond any one technology company" and "requires partners", according to the paper. On July 03, it said it had commissioned a set of global awards for researches studying the spread of misinformation.

Miles Teller Nabs Goose's Son Role in 'Top Gun' Sequel
Teller won the part over fellow casting finalists Nicholas Hoult and Glen Powell who all screen tested opposite Cruise last week . The 31-year-old actor is one of Hollywood most sought-after young talents.